Platts launches Middle East LNG price marker

Reuters are reporting that commodity pricing agency S&P Global Platts will begin assessing prices for LNG delivered to the Middle East and Pakistan, reflecting growing imports into a region better known as an exporter.

Demand for LNG in Dubai, Egypt, Jordan, Kuwait and Pakistan has grown by almost ten times since 2010, with Egypt taking about one-third of those imports.

Egypt and Pakistan have recently launched or awarded huge tenders for short-term and medium-term supplies, looking to take advantage of a gas glut stoked by new output from Australia and the United States.

Egypt bought 60 cargoes of the supercooled fuel for 2017 through a tender last November and is expected to need a further 40 cargoes this year.

Pakistan tendered to buy 240 shipments of LNG last November, under five-year and 15-year deals that are yet to be awarded.